Corporations Act 2001 (Cth)

multitasking manSummary – The High Court has recently ruled on the obligations of company officers wearing two hats.

The High Court has recently shed further light on the obligations of care and diligence in respect of company officers who occupy multiple roles.

In the case of Peter James Shafron v Australian Securities & Investments Commission the High Court held that Mr Shafron, contravened s.180(1) of the Corporations Act 2001 (Cth) (Act) by failing to discharge his duties as an officer of James Hardies Industries Limited (James Hardie) with the degree of care and diligence that a reasonable person in his position would have exercised.Continue Reading Company officers – Duty of Care obligations for those who have more than one job description